Another Form Of Agreement For Sale Of Free Hold Property - Legal Draft

This Agreement is

made at _______ the ____________ day of ___________ between A (hereinafter

called the vendor) of the Other Part, whereby it is agreed as follows :1.

The

Vendor shall sell and the Purchaser shall purchase, for the sum of Rs. _______

whereof a sum of ____ has been paid to the Vendor as stakeholders on the

signing hereof as a deposit, the freehold property particularly described in

the First Schedule hereto (but subject to and with the benefit of the tenancies

mentioned in the Second Schedule hereto so far as subsisting.)2.

The

title to the property shall commence with Deed of _______ dated the ______ day

of ________.3.

The

Purchaser shall deliver the requisitions and objections (if any) in respect of

the title and all other matters arising upon the abstract or this agreement to

the Vendors Advocate within 14 days after the day of the delivery of the

abstract and the replies to answers within 7 days after the receipt thereof and

in these respects time shall be of the essence of the contract. In default of

or subject only to any such requisitions and objections so made the purchaser

shall be deemed to have accepted the title.4.i

If

the purchaser shall insist on any requisition or objection of any kind which

the Vendor shall be unable or unwilling to remove or comply with the Vendor may

(notwithstanding any intermediate negotiations or litigation in respect

thereof) give notice in writing to the Purchaser or his Advocate of the

intention of the Vendor to rescind this contract unless such requisition or

objection shall be withdrawn and if such notice shall be given and the

requisition or objection shall not be withdrawn within 7 days after the day on

which the notice was sent, this contract shall without further notice be

rescinded.ii

The

Vendor shall thereupon return to the Purchaser the deposit but without any

interest, costs or other compensation or payment whatsoever.5.

The

Purchaser shall admit the identity of the property agreed to be purchased with

that comprised in the documents of title offered by the Vendor by a comparison

of the description contained in the First Schedule hereto.6.i.

The

property is sold subject to all easements affecting the same.ii.

The

property is believed to be correctly described as to quantity and otherwise but

if any error, misstatement or omission shall be discovered in the description

of the property contained in the First Schedule hereto or in any plan annexed

hereto the same shall not annual the same but reasonable compensation shall be

allowed by the Vendor or the Purchaser as the case may require in respect

thereof and the amount of such compensation shall in case of dispute be settled

by two arbitrators or their umpire pursuant to the Arbitration Act, 1940.1.2.3.4.5.6.7.i.

The

Purchaser shall pay the balance of the purchase money on the ______ day of

_______________ at the office of _________ the Advocate of the Vendor at which

time and place the purchaser shall be completed.ii.

Upon

such payment the Vendor and all other necessary parties (if any) shall execute

a proper assurance of the property to the Purchaser. Such assurance shall be

prepared and (if necessary) stamped by and at the expense of the Purchaser.iii.

The

Purchaser paying the balance of the purchase money shall as from the day hereby

fixed for completion of the purchase be let into possession or into receipt of

the rents and profits and shall pay all outgoing which shall if necessary be

apportioned and the balance shall be paid by or allowed to the Purchaser on

completion.iv.

If

from any cause whatever (other than the willful default of the Vendor) the

purchaser shall not be completed on that day the Purchaser shall pay to the

Vendor interest on the balance of the purchase money at the rate of ___ per

centum per annum from the day until the actual completion of the purchase but

the Vendor shall have the option of taking the rents and profits of the

property (less outgoing) upto the date of actual completion instead of the said

interest and the Purchaser shall not be entitled to any compensation for the

Vendors delay or otherwise.v.

Provided

that, if delay in completion arises from any other cause than the Purchasers

own act or default the Purchaser maya. at his own risk

deposit the balance of the purchase money at any Bank in the name of the

Purchaser or otherwise andb. give notice in

writing forthwith of such deposit to the Vendors Advocate and in that case the

Vendor shall be bound to accept the interest allowed thereon as from the date

of such deposit in lieu of the interest or net rents and profits accruing after

that date which would otherwise be payable to the vendor under this condition.8.

The

Purchaser shall pay to the Vendor the proportionate part of the premium as from

the date of completion of sale on any subsisting policy of fire insurance and

shall be entitled so far as the Policy or consent by the insurance office

permits to the benefit of such insurance as from the date of completion and the

Vendor shall if so required consent to the name of the Purchaser being endorsed

on the policy or entered in the books of the insurance office as being

interested in the policy but the Vendor shall not give to the Purchaser notice

of any premium being or becoming due.9.

If

the Purchaser shall fail to comply with these conditions the deposit shall be

forfeited to the Vendor who may thereupon re-sell the premises at such time in

such manner and subject to such conditions as the Vendor shall think fit and

any deficiency in price which may happen on and all expenses attending such

re-sale shall immediately afterwards be paid by the present Purchaser to the

Vendor and if not so paid shall be recoverable by the Vendor as liquidated

damages.As witness the hands

of the said parties have been put the day and year first above written.The First Schedule

(Particulars of the property)The Second Schedule

(Particulars of tenancies)Signed by the VendorMr. _______ in the

presence of ___________Signed by the said

PurchaserMr. _________ in the

presence of _________